Glossary of HR Terms starting with Alphabet V
Vacation buy-back plan: A program that allows an employee to sell back to the employer any unused vacation time balances.
Vacation carryover: A policy allowing employees to transfer a portion of their current year vacation balances for use it the next year. The amount of time that can be carried over is based on the employer’s policy.
Validity: The degree to which inferences made from an interview or tests are correct and accurate. Validity is normally subdivided into three categories: content, criterion-related and construct validity. Validity is an essential characteristic for all tests and test ratings.
Validity generalization: The extension of the validity of a test to different groups, similar jobs, or other organizations.
Value statement: A document outlining and representing the core priorities in the organization’s culture.
Variance forecasting: A measure that utilizes a demand and availability forecast to determine whether an organization has the ability to meet future manpower needs.
Variable pay: Compensation linked directly to performance accomplishments; compensation linked to individuals, team, and/or organization performance.
Vertical integration: Increases the depth of a job by adding responsibility for planning, organizing, controlling, and evaluation; also known as job enrichment.
Vertical management: A traditional organizational structure consisting of primary functions (i.e., engineering, manufacturing, finance, etc.), with each function having its own manager.
Vertical organization: An organizational structure consisting of many layers of management or other positions of authority.
Vesting: An employee’s right to receive present or future pension benefits, even if the employee does not remain in the service of the employer or process by which a retirement benefit becomes non-forfeit able.
Vestibule training: A form of training conducted outside of the workplace to acclimate newly hired employees with procedures and equipment or tools to be used in their jobs.
Vicarious liability: Legal doctrine that holds an organizations responsible for the wrongful acts of another; means that employers are legally responsible for the discriminatory acts of their employees.
Vigilance: A state that exists when a decision maker considers a wide range of alternatives; remembers the full range of objectives; weights the costs and risks of each alternative; searches for useful new information; considers new information and advice, even if it does not support initial preferences; reexamines all alternatives and their possible consequences; and makes provisions for implementation, including contingency plans in the event things go wrong.
Virtual HR: The use of technology to provide HR programs via an employee self-service platform. Typically includes use of such items as voice response systems, employee kiosks, etc.
Virtual mentoring: A form of mentoring whereby the mentor and mentored communicate from a distance, utilizing either e-mail or other forms of electronic conferencing.
Virtual office/workplace: The work site of employees such as sales reps or other types of employees who work off company premises and communicate with their respective workplaces via telephone or computer.
Vision statement: A vision statement is a description of what an organization wants to become or hopes to accomplish in the future ( Typically in the next 10 years)
Voluntary arbitration: When both parties willingly submit differences to the arbitration process.
Voluntary deductions: Payroll deductions selected by the employee such as charitable contributions.
Voluntary leave: Leave without pay that is taken on a voluntary basis by employees for specific duration. Often used as an alternative to layoff.
Voluntary reduction in hours: Allows employees to voluntarily reduce their working hours as well as their pay for a specific duration. Also used as an alternative to layoff.
Volunteerism: Organizational support, often in the form of paid leave or sponsorship, for employees pursuing volunteer opportunities or performing community services.
V-time: An alternative work schedule that allows employees to voluntarily agree to reduce their work time and pay.